Traders first (1st ) Goal -- Overcome Overtrading in Stock Market.

First of all I want to brief the readers about who I am and what is my trading Journey. So basically I am an Indian option trader and I have been trading in the Indian stock market for about 4 years now and in between  I also did trading in the currency market and I am very disappointed in myself for losing in the stock market year after year. Till now in my trading courier I have lost nearly 3 lakh rupees(about 3500 USD). The loses are consistent and profits are rare even when I applied technical knowledge which I think I am quite good at. Still after all these losses I have not given up on this journey and I have started exploring the dimension of "PSYCHOLOGY"  for improving.

I have 1st time started writing a Journal from 31/03/2023 onwards and today is 07/03/2023. Here is what I have learned ;-

31/03/2023- day market was range bound but I didn't define the range of the market and started trading within the range, mostly buying at top and selling at bottom or shorting at bottom and exiting at the top.

This happened for the 2 trades I took.

03/04/2023- again the market was moving in a snake like pattern in a narrow channel with an average move of 40-60 points only. The trades were mostly unplanned and I stated applying technical at each and every point to find the opportunity for early entry. Took three trades all losses.

I learned that rather than finding the opportunity we should have our setup prepared and let the opportunity appear before us and then enter the trade.

05/04/2023 -the market continued the above pattern in a narrow channel and I kept hunting for opportunity to sell in the market though it was mildly bullish market.

In the end I ended up taking 9 trades with small stoploss. But due to multiple S/L trigger my psycology was in mess and therefore for the 10th trade I entered the market without S/L and the market didn't show me mercy and I was handed a huge loss.

06/04/2023- Today I entered early in the market but the good thing was that I put small stop loss therefore after a few trades I got the opportunity, my plan was perfect and execution was decent and so I ended up with a huge profit today. So all day I kept thing about my profit and market. and later during after noon I decided to enter the market 7th time for the day. AND DUE TO OVER TRADING MY PSYCHOLOGY WAS IN MESS AND AGAIN I DIDN'T PUT S/L AND ENTERED WITH A BIGGER LOT, thus wiping out 1/3rd of my profit.

From 4 days of my journal I have conformed that I am losing due to my mental weakness, OVER TRADING, greed.

So my first goal for the coming week is to limit my trade to just 2 trades a day and I am going to do that by following below mentioned steps :-